EPF Balance Check With Easy Steps

EPF Balance Check: The word provident means to provide for the future. This fund is created by deducting some amount of employees’ salary every month and the employer also makes his own contribution to this fund. The total contribution along with interest is payable to the employee on his retirement from service.

Provident funds are of 4 types:EPF Balance Check

1. Statutory provident fund (SPF): It is that provident fund to which Indian provident fund act 1925 applies. Generally, this provident fund is maintained by government officers or semi-government officers like local authorities, statutory corporations, universities, recognized educational & nationalized banks.

The main features of SPF are:

The employer can contribute to this provident fund (PF) any amount & interest can be credited at any percentage

The employee’s contribution to this PF is included in the total income.

The employee’s contribution to this PF up to rupees 100000 is qualifying for deduction under section 80C

The lump-sum required from this PF at the time of retirement or at the time of leaving the service is exempt from tax is full

2. Recognised provident fund (RPF):

It is that PF to which the provident fund act 1952 applies. In other words, it is that PF which is recognized by the Chief Commissioner or Commissioner of Income-tax with the approval of PF commissioner. Generally, this fund is maintained by factories, scheduled bank & several business houses.

The main features of RPF are:

The employee’s contribution to this PF is included in the total income.

The employer can contribute up to 12% of salary & interest can be created up to 9.5% p.a.

The employee’s contribution to this PF to rupees 100000 is qualifying for deductions under section 80C

The lump-sum required from this PF at the time of retirement or at the time of leaving the service is exempt from tax.

3. Unrecognised provident fund(UPF):

It is that PF which is neither statutory nor recognized. In other words, it is that PF which is approved by the PF commissioner but not recognized by the Chief Commissioner or Commissioner of Income tax. Generally, this PF is maintained in private sector organizations.

The main features of this UPF are:

The employee’s contribution to this PF is included in the total income

The employer can contribute to this PF any amount & interest can be credited at any percentage

The employee’s contribution to this PF is not qualifying for deductions under section 80C

The lump-sum received from this PF at the time of retirement or at the time of leaving the service is taxable.

4. Public provident fund (PPF): Every individual including a salaried employee can subscribe to this fund any amount being not less than rupees 500 & not more than rupees 100000 in a year. He can also deposit money in installments which cannot exceed 12 in a year. Qn individual can open a PPF at a branch of State Bank of India or at a branch of the 13 Nationalized Banks authorized for this purpose bu the central government.

The features of PPF are:

There is no employer’s contribution to this PF.

The assessee’s contribution to this PF is qualifying for deductions under section 80C.

The refund from this PF is completely tax free

Here are the simple steps to check your PF Balance:EPF Balance Check

An individual or an employee will be given a Universal Account Number (UAN) which will remain permanent for their lifetime, no matter how many times they change their companies or their working organisations. Every individual will be eager to know their total accumulated balance in their Employee’s Provident Fund (EPF). The process becomes easy if you are provided with an UAN by EPFO. The UAN is a 12 digit number which can be activated through the employer. Irrespective of the number of jobs an employee changes the UAN will be the same throughout their working life. The UAN acts as a link between multiple EPF accounts of a member. To look into your EPFO account & to view your EPF balance check online, these are the simple steps you need to follow.

Step 1: The individual or the employee should login the member portal visiting the EPFO website the 12 digit Activated UAN number should be entered with the password to look into their account details. If your UAN is not activated, click on the tab to activate uan. Once entered with the right credentials, it takes four days for the UAN to get activated.

Step 2: Once entered into the portal, you can find different kinds of online services which are available on EPFO website. This leads you to the way to track your queries related to claim status, transferring requests, which is required in the case of the current employer of the employee has created another UAN number to track your PF account.

Step 3: Various tabs will be present on a dark green ribbon on that page. Clicking on the ‘view’ tab will help you to visit your profile, service history, UAN card & your passbook address. This passbook address is a separate website link which helps you to view your PF account.

Step 4: You need to login to epfindia.gov.in website to view your PF passbook. This is a different website where the other details of EPFO can be viewed. You should click on ‘our service’ tab & under this you need to click on a link ‘ for employees’. If you want to know about the employer’s contribution to your PF account, click on the link ‘ member passbook’.

Step 5: After you click on the member passbook link, you need to re-enter your activated UAN & EPFO password on a separate tab which is redirected.

The government is providing various other benefits, where the employees are provided with the special benefits who had to quit their current jobs due to some physical incapacitation. You may even visit your nearest EPFO office with the help of EPFO website, also you can view the eligibility for making online claims & obtain more services facilities through this online portal. The accumulated EPF is payable to the employee on retirement, resignation or death of the employee. A partial withdrawal can be made by the employee for financial life insurance policies, for the wedding of the employee itself or his/her dependents, acquiring a house, child’s education or for the medical requirements etc.